In a report published today, the Committee accused the UK Government of being “behind the ball game” in its proposals and debate with the EU on the future of financial regulation.
Chair of the committee Lord Woolmer says: “There are some worrying signs. The timing and pace of Commission proposals appeared dictated by the timetable of the European Parliament elections and the twilight days of the old Commission.
“The content of some proposals, especially those on regulation of Alternative Investment Funds, was rushed with insufficient consultation and a weak assessment of likely impacts. The UK Government have appeared to be behind the ball game at times.
“Getting things done right is now more important than getting things done fast.”
CMS Cameron McKenna partner Paul Edmondson says: “The Lords’ Report criticises the Government for failing to lead or even influence the regulatory reform debate in Europe.
“The Government, the regulator and the industry need to present a united front to protect the interests of the UK financial services industry and preserve London’s position as the principal financial centre in Europe. This is not happening effectively at the moment.”